Trust expert Phia van Spuy examines what is covered under trustee insurance.
Currently, although no insurance products exist for family trustees, professional/independent trustees may access insurance for trust services they provide.
With the recent changes in trust law in South Africa, it has become more important than ever for trustees to work together and manage their risks as a collective, as one trustee’s non-cooperation may expose their co-trustees.
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Phia is a CA with a Masters degree in tax, an FPSA®, a Chartered Tax Adviser, a Trust & Estate Practitioner and the founder of Trusteeze, the provider of a digital trust solution.